Since the beginning of the month, Bitcoin and the crypto market at large showed every intention of making 2019 a big year. Although after having very strong momentum in the first month of the year, some doubt was cast when the market slightly dropped in February. But, in the last few weeks, the bulls have made a comeback.
The Bottom Is In And The Only Way Now Is Up
Their return has been marked by an explosive bullish charge that has seen holders earn more than $2,800 in the last four weeks. In those weeks, Bitcoin has climbed from a little over $5,000 to what is at the time of press $7,800. Much of the gains have come on the last week when Bitcoin has climbed from $5,600 to over $7,000.
So, the coin is nearly guaranteed an $8,000 position but is $10,000 coming soon? In the last 24hours, the number one cryptocurrency has surged by more than 10%, if this kind of momentum persists for the next couple of days, Bitcoin will surely get over the $10,000 price mark in the next couple of days.
What Triggered The Rally?
First, we have to begin by commending investors and traders who despite receiving negative news about the Binance hack failed to pull down prices. This has shown great maturity from them and in their approach to the market. On what triggered the recent rally which was stronger than ever during the weekend, there has been speculation that a whale must have inspired investors to buy, pushing prices up.
Over the weekend, a whale moved around 47,000 Bitcoins, valued at over $343 million. This could have easily been interpreted as a positive move and that the whale was anticipating a rally in the days to come. In fear of losing out of another ‘2017 miracle’ more and more investors are choosing to buy Bitcoin, sending prices higher.
Regardless of what has been pushing prices up, it is clear that holders are reaping big given Bitcoin has surged by more than 60% since the end of last year. Will the trend continue? This is unclear but if it does, we are looking at a scenario where Bitcoin hits its all-time high of $20,000 before the end of the year.
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